CBx Daily

Goalsetter Gets A Major $1 Million Assist From Nike To Increase Children’s Financial Literacy

Feb 26

By Chandlor Henderson

  • Nike’s $1M donation to Goalsetter will help 10,000 black kids open savings accounts
  • Chris Paul, Baron Davis and Kevin Durant have invested in Goalsetter’s $3.9 million seed round

Nike is donating $1 million to Goalsetter, the ultimate kids fin-tech mobile banking platform, and the commitment will help 10,000 Black kids open savings accounts. This pledge from Nike aligns with its athletes Kevin Durant and Chris Paul, along with former NBA All-Star Baron Davis, who all invested in Goalsetter’s $3.9 million seed round in January. The family friendly fin-tech platform also launched a campaign that features athletes selecting 100 minority kids and donating $40 saving accounts to each one.

Why This Matters: Goalsetter dedicated this campaign to the “40 acres and a mule” resolution in 1865, which promised newly freed slaves land. As for Nike , it continues to invest in communities and organizations as part of a $140 million pledge, across the Nike and Jordan brand portfolio, to address racial inequality.  The Goalsetter funding will be directed to Black youth in Boston, Chicago, Los Angeles, Memphis, New York City, Portland and St. Louis,  cities where the company is making local grants.

Paul has already teamed up with Goalsetter to jump-start kids from Winston-Salem, North Carolina, on the path to financial literacy. By partnering with Tanya Van Court, CEO of Goalsatter and former Nickelodeon executive, they will select 100 kids from the CLUB 61 Leadership Alliance in Winston-Salem and deposit $40 in a bank account. Eventually, they want to reach 1 million children.

The campaign is dedicated to the “40 acres and a mule” resolution in 1865, which promised newly freed slaves land

The mobile banking app offers peer-to-peer banking transactions. Users can also put funds on its Cashola debit card, which is backed by Mastercard. Not to mention Goalsetter offers saving lessons through financial literacy quizzes. Van Court, wants the app to help combat wealth inequality.

"Every kid in America needs financial education to achieve success," said Van Court. "Goalsetter's smart banking app puts financial education front and center."

The racial wealth gap in America is staggering. The average net worth of White families is $171,000. In contrast, the average net worth of Black families is $17,150.

This stat is important for several reasons. The most being this money often goes into an inheritance for white offspring, and these transactions account for more of the racial wealth gap than any other indicator. Essentially what that means is white people have more generational wealth.

Situational Awareness: It's one thing to have multimillionaires donate to Black communities. It's another thing to have that money raised locally. Individuals from the National Basketball Players Association, the WNBA, Major League Baseball and National Hockey League will also be asked to support the campaign. We need to do more, and that starts with educating the youth!

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Chandlor Henderson is a journalism student from Northern Virginia, currently residing in Eugene, Oregon. You can follow him here!